All Forum Posts by: Jon Martin

Here is a search for all SFHs excluding pending/contingent up to $1Mhttps://www.realtor.com/reales...

A whole 13 of them, plus 4 condos barely within their budget. The least expensive SFH at $699k is on one of the busiest and fastest driving roads in town. The 2nd is actually a condo that is misclassified as an SFH. The 3rd looks like a flip in a mid-century neighborhood with decent sized lots but backs almost right up to the back of a target parking lot. There is a lot of new construction and the Avila ranch development is in a great spot but the homes are packed together tight and they are well higher than your clients price range.

So yeah, technically doable but slim pickins and they will have to sacrifice something. We have been hovering around this number of homes for sale in this price range for the last 2ish years. Unless we see some real economic pain the next 18 months I don't think there will ever be any actual relief for buyers. 

Feel free to PM me if you have questions about any specific listings or neighborhoods. I am not a realtor but I know just about every corner of this county. 

 These are amazing sheets ands what I went with. Not cheap but more comfortable than some sheets that are way more expensive, and if even a few reviews mention them I think it pays for itself. 

Moved to SLO in 2007 and bought in Morro Bay at the end of 2015. Inventory has been bone dry since the pandemic just about all over the county. Literally a few dozen homes that are not pending/contingent at any given time in the city limits of SLO. Same is true for the beach towns. $1M is basically entry level for a SFH in the SLO city limits and you can count the number below that on the MLS with a few fingers. You could probably offset some costs with the intent of moving there but I don't see it working as a business play at todays prices.

Unincorporated areas are a safer bet and I haven't heard any talk of going after that yet, but who knows. There are some large homes outside of AG that could be house-hacked into separate units (or already are) and pencil out. 

@Ross Stuart I have no experience on the investment or management side with northern Michigan, only as a vacationer who grew up in SE Michigan and traveled up there every summer. In general Lake MI is very pricey, so I think that the inland lakes could be a good play, although some of them can be pretty expensive as well. The hot spots are incredibly busy during the traditional summer months but don't expect much between October and April. Maybe some hunters or snowmobilers but don't expect to do much more than break even (at best) during that time. 

Quote from @Ross Stuart:

Does anyone have an STR on a lake in west (north) Michigan? wondering bout vacancy rates to compare. and what management fees are running?

Your question is too broad. There are an insane number of inland lakes in Michigan and driving times between the inland areas are long. 

As for vacancy, I would expect a tourist lake to be slammed from Memorial thru Labor Day with a bit of a shoulder season on each end, and not much else in between, 

Quote from @Michael Baum:

So @Solomon Price, they charge 13% for what? 10% just to answer inquires and book the place? Seems like a waste of 10%.

 Exactly. They don't coordinate cleaners, field guest complaints, send a handyman etc. 13% for price optimization and listing . . .. LOLZ

I use Costco home delivery (or whatever company contracts through them) for most stuff, mainly: large pump bottles of shampoo & conditioner, bath/shower bar soap, tide pods, dishwasher tabs & dish soap (Also fill bathroom soap dispenser 25% with dish soap then add water to make foaming hand soap); salt, black peppercorns, microwave popcorn (this is the only "snack" or food I provide); Toilet paper, paper towel, tissues; tea & hot chocolate, coffee mixers 

I have a large cabinet in the laundry room that I keep locked up. I leave a sufficient amount of stuff accessible for guests but keep the bulk locked up and have cleaners restock as needed. I found a great coffee roaster that provides a case of 42- 2.5 oz bags of premium coffee ground for around $60 and leave 1-2 packets out as a starter for guests.  

IMO what's expected depends largely on the market you are in. Legacy STR markets like the Hawaii or the Carolina coast where guests are accustomed to buying/bringing their own linens and toiletries and you have an amazing view out front, probably doesn't matter. If you are in a crowded market with hundreds (or thousands) of competitors, small things like the goodies you provide can make a big difference. YMMV

 You could probably rent a dog house for $50/night in Tahoe. You could probably 2x that without even seeing a single digit dip. 

@Mark Miles I've thought of that and will probably do so. @John Underwood I didn't realize that I could get unit numbers, I guess I would have to put "resident" as the addressee because some aren't owners? 

@Eliott Elias and @Brooklyn McCarty yes the cars are accessible but the condo front doors are accessed inside. I am not sure about the access/security getting past the front desk. Seemed that I could walk past but not sure if there are interior choke points that are locked and/or security guards that would give me a hard time. I've got a guy I can send though who probably won't mind getting hassled haha 

Thank you all!

I am very close to listing, maybe 1-2 weeks out. Directly across the street from my place is a massive condo complex, which is an old textile mill that's been renovated into high end condos. Most of the residents look like millennials and young professionals, and they've seen my place transition from something quite unsightly into a very nice place. I'd like to create a mailer/flyer with the URL for the direct booking website and a "good neighbor" discount because I imagine that many of them have friends/family who would like to visit and be super close but would appreciate not having to share the same space. 

I went into the leasing office and it was no dice. They won't place mailers for me, which is no surprise. Is there a way for me to get the names and unit numbers of the residents? 

Thank you all in advance for any feedback.